There will be 4.4 million EVs sold by 2026 in the Europe.
The European Union is the leading EV market globally and according to a StockApps.com analysis, the EU will have sold 4.4 million EV units by 2026 with a growing consciousness about the environment will propel that growth.
StockApps.com’s Edith Reads has been considering the data and said, “The European EV market is blooming and what’s driving it isn’t just the promise of cleaner air and lower emissions. It’s also a matter of consumer choice as there’s growing consumer concern about climate change throughout the region.”
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How does the European Climate law impact the EV market? Market data shows that the European EV market will reach 11.9M units growing by 29.6% between 2021 and 2028, driven by several factors, primarily the EU’s initiatives to curb emissions. The EU has ratified the European Climate Law targeting climate neutrality before 2050. That law also seeks to bring emissions 55% lower than 1990 levels by 2030. This move has seen countries implementing policies that encourage the use of EVs, including the introduction of stricter CO2 emissions standards. These standards require automakers to produce more efficient vehicles. They will be phased in over several years in readiness for full implementation by 2030. As a result, automakers are investing heavily in R&D programs to develop more fuel-efficient engines and hybrid vehicles that can run on both gasoline and electricity. Ford and Volvo are among the leading proponents of the programme. Are there other reasons for the surge? Besides the environmental laws, EU governments are also incentivizing EV production and adoption. Through subsidies, they’re encouraging automakers to ditch petrol and diesel engines in favour of electric motors and offering tax breaks for people who buy them. Further, there has been a rapid expansion of charging infrastructure and battery technology—which will make EVs more attractive to consumers and businesses too. Besides, EV battery costs have been declining with time, cutting production costs and making them affordable to many. The scenario is an acceleration towards more EVs and reduction in fossil fuel models which intensifies each year. In addition, more commercial vehicles, lorries and buses will be using electrical power when the charging network develops. |
RAC data analysis shows there are now an estimated 456,000 battery-electric cars on the UK’s roads.
RAC EV spokesperson Simon Williams said, “Our analysis shows we’re now tantalisingly close to hitting the magic milestone of half a million zero-emission battery electric cars on the UK’s roads, something we expect to see reached in a matter of months. “The sight of more cars sporting a green flash on their number plates is a reminder of the fantastic progress that is being made in getting more drivers to go electric, but there’s still a lot of work to do when you consider that battery-electric cars still only represent 1.2% of all those on the roads. “As we begin to overcome the chip shortage that has so badly affected new car production, the focus for government and industry has to be on encouraging as many people to confidently move away from their current petrol and diesel powered vehicles as possible. “Key to this happening is a greater supply of pure EVs in the first place, which will help reduce prices, together with improvements to public charging networks. We’re proud to be playing our part by offering an electric vehicle leasing scheme, together with home charger installation and a domestic electricity tariff offering an excellent value overnight rate for charging at home.” “The total number of cars capable of covering at least some zero-emission miles – such as plug-in hybrids which now number 348,000 – also looks like it will reach a landmark as it will soon top the 1m-mark.” |
